Abu Dhabi Islamic Bank’s Individual rating upgraded by Fitch Ratings
Abu Dhabi Islamic Bank’s Individual rating has been upgraded by the international agency, Fitch Ratings reflecting the bank’s steady performance improvement since it was established in 1997.
On the 13th August, Fitch Rating’s announced an upgrade of the bank's Individual rating to C from its previous rating of C/D. In addition Abu Dhabi Islamic Bank has maintained it’s favourite ratings for the Long-term (A-), Short-term F2 and Support 2. Abu Dhabi Islamic Bank has achieved this upgrade through a positive record of profit growth, good asset quality over a five-year period, sound liquidity, strong capital ratios and a growing franchise.
ADIB was established by Emiri Decree in 1997, the only new banking license granted in the UAE since the 1980s. As an Islamic bank ADIB provides a broad range of products that comply with Islamic Sharia’a. It has a network of branches throughout the UAE supported by up-to-date distribution channels such as ATM’s and telephone banking. Through innovative products, the bank has built a strong reputation for customer focus and high quality service.
In assigning a rating, Fitch Ratings considers financial all aspects of a bank's financial strengths such as balance sheet integrity, profitability, and risk management. The analysts also evaluate qualitative factors of the financial franchise in question such as strategy and quality of management, the environment in which it operates, and the most likely future development of its business. Final rating determinations are made by committees comprised of lead analysts and independent members, including Fitch senior management.
Fitch’s Individual ratings assess how a bank would be viewed if it was entirely independent and could not rely on external support such as local government. It’s Support ratings analyse whether or not a bank would receive support from it’s owners or from the state if it were to get into difficulty. (menareport.com)
© 2004 Mena Report (www.menareport.com)
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